The Bank of Ghana has inaugurated the Non‑Interest Financial Advisory Council (NIFAC) to guide the orderly development, regulation, and supervision of non‑interest banking and finance in the country.
The Council is tasked with advising the central bank on governance, regulation, and oversight of Non‑Interest Banking Institutions, while supporting the creation of a sound, inclusive, and credible non‑interest finance ecosystem.
Speaking at the inauguration ceremony at Bank Square, Governor Dr. Johnson Pandit Asiama stressed the importance of strong governance, consumer protection, and public confidence in building the sector.
“The success of this initiative will not be measured by the number of new products introduced, but by whether those products are sound, useful, and worthy of public confidence,” he stated.
Dr. Asiama charged members of NIFAC to discharge their mandate with independence, objectivity, professionalism, and diligence. He emphasized that their work must serve the integrity of Ghana’s financial framework, the soundness of the financial system, and the broader public interest.
The establishment of NIFAC marks a significant step in diversifying Ghana’s financial sector, offering alternative models of banking and finance that complement conventional systems while expanding access and inclusivity.
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